Westgold Resources (WGX) investor relations material

Three-year production and cost outlook

• Production is forecast to rise from 326,000 ounces in FY 2025 to at least 470,000 ounces in FY 2028, with all-in sustaining costs (AISC) expected to fall from AUD 2,666/oz to around AUD 2,500/oz over the period.

• The plan leverages FY 2025 ore reserves of 3.5 million ounces (56 Mt at 1.93 g/t Au), supporting 10 years of production at current rates and fully utilising ~6Mtpa milling capacity.

• Over 80% of material mined in the outlook is in reserves, providing high confidence in delivery, with $150M allocated for exploration and resource conversion.

• The plan is fully funded from treasury and forecast free cash flow, with non-sustaining capex peaking in FY27 and reducing thereafter.

• The outlook is intentionally conservative, with potential upside from operational improvements and resource conversion.

Processing hub strategy and operational improvements

• Full utilisation of four processing hubs is central, with a shift from low-grade to higher-grade ore to lift mill grades and margins.

• Major investments in drilling and mine development at key assets underpin increased outputs, including South Junction and Great Fingall ramp-up by FY28.

• Higginsville hub expansion to 2.6 million tons per annum is planned, with construction starting FY 2027 and further potential to reach 4 million tons.

• Open pit programs and buffer stockpiles are being established to ensure consistent mill feed and mitigate operational disruptions.

• No significant improvements in mining cost per ton are assumed; cost reductions are driven by higher grades and stable throughput.

Upside opportunities and risk management

• Additional upside could come from further expansion of Bluebird-South Junction, Higginsville mill expansion to 4Mtpa, operational improvements, and possible reactivation of mines in care and maintenance.

• Exploration and resource conversion are supported by AUD 150 million committed over three years.

• Open pit programs and ore purchase agreements provide flexibility and additional feed sources.

• Labor market risks are managed through contract mining and productivity improvements at larger mines.

• Stockpiles in front of mills help smooth production variability due to maintenance or weather.